Two million Britons aged 60 and over are getting free bus passes and winter fuel allowance at the expense of taxpayers, despite being millionaires, a landmark study revealed today.

The report by the Intergenerational Foundation comes amid signs that David Cameron is unlikely to repeat his 2010 pledge to protect wealthy

pensioner “perks” at the next general election in 2015.

It found there were many more older millionaires in Britain than previously assumed — and that the number of retired people with independent wealth was rising rapidly.

There are now about 988,000 over-65s living in households with assets of more than £1 million. If widened to include the 60-65 age group, which includes many people who retired from public sector jobs at 60, the number rises to almost two million.

One in 10 of the over-sixties is a millionaire, once assets such as the family home are taken into account, the study claims.

“This casts doubt on government claims that there are very few pensioner millionaires and that universal benefits for older people should be protected,” said IF researcher Jeremy Leach.

At the 2010 election campaign, Mr Cameron vowed to protect pensioner perks, including free bus passes, for the whole of this parliament. However, a debate is raging in the Government over whether this can continue.

Deputy Premier Nick Clegg has argued that it is wrong to spend an estimated £500 million on winter fuel allowance for wealthier pensioners when poorer groups are getting less.

Letters have just gone out to a million middle class parents to tell them their child benefit entitlement is being cut.

A Downing Street spokesman said Mr Cameron will not break his work in the current parliament but no decision has been taken on the next manifesto.

A Tory strategist told The Times: “Cameron knows ... he needs to leave his options open.”